Forbes/Trump Smackdown; Getting Chip-py With It; Ralph Lauren Preps New CEO

Donald Donald Donald…

Image courtesy of ponsulak/FreeDigitalPhotos.net

Image courtesy of ponsulak/FreeDigitalPhotos.net

To take your mind off the fact that we have yet to find a cure for cancer and AIDs, or that people all over the world are living in abject poverty, we now turn our attentions to the Donald Trump vs. Forbes magazine smack down. The two entities are going head to head over Donald Trump’s estimated net worth, with Trump insisting that Forbes has its facts all wrong. “I’m a private company […] I like the people at Forbes but they don’t really know my assets very well,” the Donald said during an interview for CNBC. Forbes says that The Donald’s real estate fortune can be pegged at $4.5 billion, a figure that has the Republican presidential candidate in a snit because he is convinced that the magazine is trying to paint him “as poor as possible.” As if that were possible. Trump insists he’s worth more than $10 billion, questioning Forbes arithmetic skills. Common core, perhaps?  Forbes, in its calculations, doesn’t place a value on brand and that irritates the real estate mogul because the Trump brand, according to Trump, is very valuable and might have led Forbes to a far different fiscal outcome. Maybe. Donald Trump apparently does not take comfort in the fact that he was ranked as the 19th richest American, or that he is by far the wealthiest of the presidential candidates. He’s also miffed that Forbes had the nerve to say that he has a paltry cash stash of just $327 million (forget the research that went into computing that amount) “But I have a lot of cash,”  he insists in a CNBC interview, explaining away that his cash bank account is bursting from the $793 million sitting in it, all green and crispy.

Chipped off…

Image courtesy of sscreations/FreeDigitalPhotos.net

Image courtesy of sscreations/FreeDigitalPhotos.net

Today marks the dawn of a new -and hopefully less fraudulent-riddled – era, as business owners large and small now become liable for fraudulent activities. If a consumer’s info gets swiped, the business from which the offense originated eats the cost and not the bank that issued the card. Consumers, many who are now armed with credit cards containing EMV chips –  as in Europay, MasterCard and Visa (what you thought it was going to stand for some obscure tech jargon?) will now be able to conspicuously consume using new terminals intended to reduce exposure to fraud. In order for the chip to be really secure, a pin number should be used with it. Otherwise, don’t come crying to EMV. I say reduce, because sadly, it does not completely obliterate the cold, callous felonious act. It’s estimated that about 32 million consumers had their credit card info swiped last year, nearly triple that of 2013. The chip creates a unique code for every transaction. But if you have yet to receive your chip card, rest assured that your magnetic stripe-outfitted cards can still be used. Sorry to say but the chip cards won’t be of much use for your cyber-shopping excursions. So make sure the site with which you transact is legit. American Express is getting their chip-action going on October 16 while gas stations get until 2017 to upgrade their terminals.  So far more than 200 million cards with chips in them have been sent out.

Movin’ on up-market…

Image courtesy of Sira Anamwong/FreeDigitalPhotos.net

Image courtesy of Sira Anamwong/FreeDigitalPhotos.net

A new king has been crowned over at Ralph Lauren, as its namesake CEO, Ralph Lauren himself, “stepped up.” That is not a typo but rather a direct quote from the preppy American style icon, who also happens to be the largest shareholder and intends to maintain his creative input at the company. The new CEO is none other than Stefan Larsson, CEO extraordinaire to fast-fashion brands Old Navy and H&M. His resume actually had some haters doubting the dude who has a lack of luxury goods experience. But Wall Street doesn’t seem to mind as it sent shares of Ralph Lauren up a much needed 12% on Wednesday while also taking a 6% chunk off of shares of Gap Inc for losing its rock star executive. The haters apparently aren’t paying enough attention to the fact that under Larsson’s leadership, Old Navy saw three consecutive years of growth and was the only one of the Gap Inc. brands to show growth at all, 5% just this year. In the meantime, Ralph Lauren had some quarters that were anything but, shall we say, fashion-forward, and is down a dismal 37% for the year.

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